September 2012
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LATEST ARTICLES
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Bank of Canada governor Mark Carney’s monetary zeal and flexible approach to an inflation-targeting regime have earned acclaim. Now, he is deploying his charm and credibility to re-tool the global banking industry in the teeth of resistance.
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Few investment bankers dominate one market as much as Credit Suisse’s Helman Sitohang does Indonesia. With other banks sensing opportunities, can his connections keep the bank ahead of the game?
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Published in conjunction with: Akbank Private Banking - ICBC Private Banking - UBS
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Published in conjunction with: J.P. Morgan • RBS • SEB • Standard Chartered Bank
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The firm might be stuck in the middle with nowhere to go: it is neither a global, bulge-bracket player nor a focused, low-cost, niche operator.
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Traditional lenders and private equity investors continue to slash exposure to all but the safest assets. But alternative providers of finance are growing their books and locking in attractive yields.
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As a Brit and career retail banker with a long and successful history at Barclays, Antony Jenkins may be seen in some quarters as the perfect successor to Bob Diamond as chief executive. For one market commentator in particular however, Jenkins is an unknown quantity whose suitability is questionable.
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Increasingly, I am noticing that while bank chief executives have to be seen in public, heads of investment banks are trying to keep a very low profile.
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As a wonderful summer Olympics in London drew to its close, the City got back to work last month. For one British gold medallist, though, the glamour was only just beginning.
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"They would overly emphasize the 120% debt-to-GDP ratio as a means to squeeze the private sector to accept a lower interest rate on their future claims. They also kept hidden throughout the negotiations the amount of money they were going to put into the Greek rescue package"
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Citi has been busy rebuilding in recent years. Its latest attempt to put the crisis behind it came last month, when it settled with investors for $590 million over claims it failed to disclose the full extent of its dealings in the sub-prime market.
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Euromoney reported here last month how bank PRs were struggling with their bank Facebook pages – but now a former Myspace senior executive has come up with an alternative way for banks to use social networking.
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As bankers pack their bags and head to Tokyo for the annual IMF/World Bank meetings, the outlook for many is growing gloomier.
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The credit boom is serving the real-money investment community well, but many supposedly smart-money hedge funds and investment banks are missing out on the party.
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The incoming Chinese leadership should use the subtle insights of behavioural finance – and the blunt message of bond issuance – to rebalance their economy toward domestic consumption.
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Eurozone moves to resolve the euro crisis are propitious for global markets. But an Israeli attack on Iran this autumn would undermine economic recovery.
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Euromoney’s visit to Bogotá coincides with the final of the Olympic women’s BMX final. The race is under way at Corredores Asociados and for a moment the Colombian firm’s trading room is transfixed on a television screen that isn’t displaying financial updates. Cleaners, visitors and traders join together to cheer on Mariana Pajon, who wins gold.
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We don’t expect everyone to agree with the decisions we make in our global Awards for Excellence. In fact, at Euromoney we welcome constructive criticism and a healthy debate.
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Life as an investment banker has always had its drawbacks. Colleagues try to steal your business, senior managers expect obeisance, and clients put your ideas out to tender with competitors.
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The received wisdom is that if Morgan Stanley gets into too much trouble, Mitsubishi will step in to save it. Will that still be the case now that Nomura’s grandiose international project has ended with a whimper?
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China’s leading brokerage firms continue to dominate domestic business. As China becomes an ever-greater slice of Asian investment business, can they translate that into a regional leadership position as well?
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Russia’s finance minister is, in the words of his predecessor, a rare example of a liberal in the government. But can he do enough, quickly enough, to shore up the government’s finances in its post-election spending hangover?
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Western European banks heavily involved in the CEE region strenuously rebut suggestions they are cutting back on these foreign operations. But they are under pressure from a combination of Vienna 2.0, Basle III and a need to delever.
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Turkish banks have always been cautious about foreign expansion. They see too much opportunity at home to consider big investments overseas. But will the growth in Turkey’s international trade force them to broaden their horizons?
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Confidence in the Philippines’ economy among the international financial community has never been better, and finance secretary Cesar Purisima has played a key role – tackling the country’s problems and improving its finances.
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Alexei Kudrin thinks he has a solution to Russia’s twin troubles: anti-Putin street protests and an oil-financed pot of state patronage that is rapidly running out. The former finance minister tells Euromoney about his programme for reform and what he is doing to see it implemented.
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Efforts to bring finance to the masses have brought an unsecured lending boom to South Africa, with home improvements loans at the forefront. Margins are high. But banks are increasingly using the product for higher-income earners too. Is this just another retail credit bubble?
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A new, reforming government, renewed international competitiveness and a strong pipeline for capital market deals are leading this Latin American market forwards again.
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In the 1990s the pack of European banks ploughed into the emerging markets. Now a perfect storm is brewing – the eurozone crisis, deleveraging and tighter financial regulations – the pack is heading home. Could the retreat have some benefit for EMEA?
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BTG Pactual’s CEO, André Esteves, says he used its recent IPO to lock in a spirit of entrepreneurialism at the firm. He reckons it is the key to the investment bank’s continued rise. But how far can he take the bank?
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In an exclusive interview, Arunma Oteh says her temporary suspension earlier this year as head of the Nigerian Securities and Exchange Commission was just the latest in a series of attempts to unseat her. But she says she and her allies are winning the battle to stop market abuses and change Nigeria.
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The new democracies of Egypt, Libya and Tunisia are looking for financial support from the old dynasties of the Gulf. Countries such as Saudi Arabia and Qatar see a chance to extend their influence and make returns. But will a resurgence of nationalism halt the investment?
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With Juan Carlos Echeverry’s August departure, Latin America has lost one of its most effective finance ministers. And certainly its most combative. Just days before the news broke that he had lost his job, Euromoney met him in Bogotá to hear his uncompromising views on sustaining Colombia’s recent growth. The only unanswered question: did he know what was to come?
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Peru holds promise for capital markets but timing is everything. While pipelines – especially for debt – are growing, banks face a delicate balance between investment risk and reward. Compounding the difficult strategy call is the development of the local independent investment banks in an intra-Andean market.
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The country’s banks have benefited from several years of unprecedented calm. But as the fighting threatens to spill over the border, is it time to batten down the hatches again?
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Being a bank in the Middle East has never been tougher. But the leaders of six of the region’s top firms still see big opportunities for growth. They have taken tough decisions and placed their businesses on firmer footings. But the shadow of sanctions and further unrest looms over their plans.
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Euromoney Country RiskThe eurozone is leading most areas of the world in declining ECR scores, according to Euromoney’s country risk survey. The rise in risk is not as steep as in 2011, but it is a source of anxiety for ECR’s 400 experts.
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Management from UBS and Barclays; Minister claims ‘victory for all Nigerians’
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Auction system hampers ECM deals; Private pension funds growing fast
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Plans to be trading by mid-2013; Europe a template for Asia expansion
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Long-term rising trend identified; London remains dominant with 38% share
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Group fears systemic risks; Follows in footsteps of Japan
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Commodity prices might go higher still; All eyes on south America’s harvest
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Fall in use by domestic and foreign traders; Poor economic figures hold it back
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‘Unrealistic’ valuations dampen interest; Reversal of last few years of flows
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Road and rail package worth $66 billion; Private sector wary of government controls
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Precaution key, says HKMA chief; Financial stability is priority
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New nationalist government; EU condemns central bank politicization
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Foreign investment ‘not discouraged’; DBS-Danamon deal sets precedent
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Drip-feed of assets continues; RBS and Lloyds accelerate disposals
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PPF exits Nomos; VTB backs $1.5 billion buyout
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For 20 years, Charles Dallara worked the corridors of power in the financial community as managing director of the IIF. Then Lehman Brothers and the Greek crisis brought his role into the glare of publicity. As Dallara prepares to step aside, he considers the changes that have taken place in the banking industry, and the role the IIF has to play in its future.
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After five years of crisis, bankruptcies, redrafting of regulation and redrawn business plans, the biggest structural change yet to the banking system is on its way. Euromoney looks at what the great disintermediation means for financial markets – and why it may not all be bad news for banks.
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Dispute with CEO; Cites cost-cutting, centralization
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VTB’s $1 billion perpetual bond this summer – the first in Russia – was partly modelled on a similar issue by Banco do Brasil in January, says Herbert Moos, VTB’s CFO.
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Currency measures improve Brazil’s ability to pursue an independent monetary policy but are less successful in terms of asset prices.